Why You Should See Your Accountant More Than Once a Year

By | May 27th, 2020|Accounting, Business, Taxes|

It’s important to see your accountant more than once a year—during tax season. The health of your business could depend on it. Accountants help with so much more than filing your taxes, yet businesses rarely seem to take advantage of this. Not only will you have a better idea of how your business is doing financially, but when you have regular business checkups with your accountant, you also have the ability to make necessary changes to improve business processes, increase profit, and save tax.   There’s No Time Like the Present to See Your Accountant It’s really difficult to plan for tax [...]

Need a Controller but Not Ready to Hire? Try Virtual Controllership

By | May 15th, 2020|Accounting, Business|

Just like we go through awkward stages as humans, as your business grows, it will go through awkward stages too. One of those stages is needing more staff but not yet having the cash flow to hire a full-time (or even part-time) employee to do the work.  While a good employee is well worth it, they can also be expensive. Not only will you pay them wages, but you’ll also pay the company portion of payroll deductions and benefits. In many cases, there’s also the extra time it takes to train someone. That’s where a virtual controller can help. They are [...]

Comments Off on Need a Controller but Not Ready to Hire? Try Virtual Controllership

Nix the Cash Bonus: Reward Your Employees While Reducing Your Tax Bill

By | April 23rd, 2020|Accounting, Business, Taxes|

Good employees can be hard to find. When you do find them, you want to keep them as long as possible. It can be tempting to pay a cash bonus to show your appreciation. Everybody loves cash. Accept accounts! Here’s why . . . What’s Wrong with a Cash Bonus? Of course accountants love cash too, but paying cash bonuses can make for a bookkeeping nightmare! When you pay employees with cash, there’s no paper trail. There’s no way to prove to the Canada Revenue Agency (CRA) that you incurred those expenses.  As much as you want to show your appreciation [...]

Comments Off on Nix the Cash Bonus: Reward Your Employees While Reducing Your Tax Bill

Creative Entrepreneurs in the Face of COVID-19

By | April 9th, 2020|Business, Business Coaching|

Creative entrepreneurs are coming out of the woodwork in the face of COVID-19. Life as we know it has changed dramatically. But that doesn’t mean your business has to close. Things are challenging now, but the entrepreneurial life is one that’s always been full of challenges.   Entrepreneurs in many different industries are pivoting so they can continue working. Here are some examples we love. Eat-In to Delivery With government requirements still in place to remain socially distant, businesses that rely on social activities have been forced to close. But that isn’t the case for all businesses in the entertainment industry.  Many [...]

Comments Off on Creative Entrepreneurs in the Face of COVID-19

Inventory Tracking Matters

By | April 2nd, 2020|Accounting, Business, Technology|

If you own a product-based business, keeping tabs on your inventory is more important than you might think. Not paying attention to depleting inventory levels can cost you sales which costs you money.  Here are some important reasons you should be keeping an eye on your inventory levels. Understand your customers’ needs By keeping an eye on your inventory levels, you develop a good understanding of what products your customers are purchasing. You’ll also be able to maintain inventory levels so you have enough product on hand to meet your customers’ demand.  If a product isn't moving, you may want to [...]

Comments Off on Inventory Tracking Matters

COVID-19 Provincial Tax Measures to Help Taxpayers

By | March 26th, 2020|Business, Taxes|

With everything that has been going on as a result of the COVID-19 pandemic, provincial governments have been acting quickly to put measures in place to help ease the financial burden on taxpayers.  COVID-19 Provincial Tax Measures Summary Many provinces are also offering utility and property tax payment deferrals. Check with your provider if this applies to you. Read about the Federal government tax measures in this post.  As these measures continue to change daily, please see these provincial websites for the latest information: BC Ministry of Finance Alberta Treasury Board and Finance Government of Ontario Click here for the latest [...]

Comments Off on COVID-19 Provincial Tax Measures to Help Taxpayers

COVID-19 and Taxes: Important Updates

By | March 23rd, 2020|Business, Not for profit, Taxes|

It’s crazy times right now among this COVID-19 outbreak. We want to remind you that we are here for you at Virtual Heights Accounting. The government announced some significant economic measures to support Canadians during this COVID-19 crisis over the past few weeks. The full economic plan is covered here in detail: https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html  Here is a brief summary of measures that may be relevant to you.  Personal Tax Extension of payment deadlines for personal incomes taxes to September 1, 2020; Extension of filing deadlines for personal income tax (T1) returns to June 1, 2020 (we should still file if you have [...]

Comments Off on COVID-19 and Taxes: Important Updates

I Haven’t Filed My Corporate Taxes in Three Years: What Should I Do?

By | March 15th, 2020|Accounting, Business, Not for profit, Taxes|

Sometimes life gets in the way. It prevents you from meeting your responsibilities as a business owner or the director of a charitable organisation. It happens, and if you find yourself behind on your taxes (or maybe you’ve never filed a tax return), it’s always best to get caught up then try your best to stay on top of things.  The Canada Revenue Agency (CRA) has a number of programs available to help make getting caught up a little easier.  Voluntary Disclosure The CRA Voluntary Disclosure Program provides an opportunity for taxpayers to correct a misfiled return or file a return [...]

Comments Off on I Haven’t Filed My Corporate Taxes in Three Years: What Should I Do?

Do I Have to Keep a Mileage Book?

By | March 1st, 2020|Business, Taxes|

Yes, you do! But please don't stop reading. There are important things you need to know about keeping track of your business mileage. If you have a vehicle you own personally but also use for business, you must keep a vehicle expense logbook (also known as a mileage book).  Why a Mileage Book is Important You can only deduct vehicle expenses for the portion of expenses that relate to your business.  Keeping track of all your trips (both personal and business) is the only way to know how to split vehicle costs (such as fuel, insurance, repairs, and maintenance) between business [...]

Comments Off on Do I Have to Keep a Mileage Book?

Why Do I Have to Pay Instalments and What Happens if I Don’t?

By | December 18th, 2019|Business, Taxes|

The requirement for corporations to pay corporate tax instalments is the same as when individual taxpayers have income tax deducted from their paycheque every payday. Just like tax payments sent in on behalf of taxpayers by their employers act like a credit against the amount of tax owing at the end of the year, instalments made by corporations reduce their tax bill when they file their tax return.  What are instalments? Instalments are tax payments you pay before filing your tax return. Even if your company doesn’t meet the requirement to pay instalments, you can do so voluntarily to avoid a [...]

Comments Off on Why Do I Have to Pay Instalments and What Happens if I Don’t?